The IRS mileage rate for business use in 2022 is 58.5 cents per mile. This is the amount that you can deduct for each mile driven for business purposes. The rate is updated annually and is based on http://thebusinesscafe.ca/ the average cost of operating a vehicle.
To claim the business mileage deduction, you must keep a log of your business miles. This log should include the date, the starting and ending odometer readings, and the purpose of the trip. You can use a mileage log book or a spreadsheet to keep track of your miles.
The business mileage deduction is a great way to save money on your taxes. If you drive for business purposes, be sure to keep a log of your miles and claim the deduction.
Here are some additional details about the business mileage rate:
- The business mileage rate is a standard deduction that is used to calculate the cost of operating a vehicle for business purposes.
- The rate is based on the average cost of operating a vehicle, including fuel, maintenance, and depreciation.
- The rate is updated annually by the IRS.
- To claim the business mileage deduction, you must keep a log of your business miles.
- The log should include the date, the starting and ending odometer readings, and the purpose of the trip.
- You can use a mileage log book or a spreadsheet to keep track of your miles.